Today’s Q3/Christmas updates from Fuller’s and M&B underline a strong festive period for premium pub operators, reinforcing positive read-across for Young’s ahead of its own update next week. Against a backdrop of structurally tighter sector capacity, premium demand is holding up well. Young’s remains a best-in-class operator, with sector-leading margins, strong free cash flow and a clear pathway to earnings growth. We recently initiated coverage and reinforce our Buy, with the shares trading on just ~12.5x FY26e P/E and an ~11% FCF yield. Our 12-month target price of 1,000p implies c.25% upside as sentiment and valuation normalise.